MIRA
INFORM REPORT
|
Report Date : |
22.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
INNOCORP LIMITED |
|
|
|
|
Formerly Known
As : |
INNOSOFT TECHNOLOGIES LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 41, IDA Mallapur, Hyderabad-500076, Andhra Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
21.09.1994 |
|
|
|
|
Com. Reg. No.: |
018364 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 79.414 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999AP1994PLC018364 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer and Trader of Power Infrastructure. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 307000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There
appears some losses recorded by the company. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Plot No. 41, IDA Mallapur, Hyderabad-500076, Andhra Pradesh, India |
|
Tel. No.: |
91- 40-65990114 / 27158152 |
|
Fax No.: |
91- 40-27179628 |
|
E-Mail : |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Prasad V S S Garapati |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mrs. K.Saraswathi |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Sahu Garapati |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Venkaiah Doniparthi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Devineni Madhusudhan Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Cherukuri Subrahmanyam |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1117817 |
14.08 |
|
|
988700 |
12.45 |
|
|
2106517 |
26.53 |
|
|
|
|
|
|
189000 |
2.38 |
|
|
189000 |
2.38 |
|
Total
shareholding of Promoter and Promoter Group (A) |
2295517 |
28.91 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
100 |
0.00 |
|
|
50800 |
0.64 |
|
|
50900 |
0.64 |
|
|
|
|
|
|
396097 |
4.99 |
|
|
|
|
|
|
1973928 |
24.86 |
|
|
818220 |
10.30 |
|
|
2406738 |
30.31 |
|
|
2398983 |
30.21 |
|
|
7755 |
0.10 |
|
|
5594983 |
70.45 |
|
Total Public
shareholding (B) |
5645883 |
71.09 |
|
Total (A)+(B) |
7941400 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
7941400 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Power Infrastructure. |
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|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2011
|
Installed
Capacity (Plastic
Division) |
31.03.2011 |
|
Injection Moulded Items |
1700 MT |
|
|
|
|
Actual
Production |
31.03.2011 Nos. |
|
i) Plastic Chairs |
0 |
|
ii) Tableware and Kitchenware |
2138415 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
UCO Bank, Tolichowki,
Hyderabad, Andhra Pradesh, India ·
Punjab National Bank |
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|
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
J B R K and Company Chartered Accountants |
|
Address : |
118, 5th Floor,
Maruthi Complex, Near Yashoda Hospitals, Somajiguda, Hyderabad, Andhra
Pradesh, India |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs. 120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7941400 |
Equity Shares |
Rs.10/- each |
Rs. 79.414 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
79.414 |
79.414 |
79.414 |
|
|
2] Share Application Money |
4.025 |
4.025 |
4.025 |
|
|
3] Reserves & Surplus |
(6.654) |
(7.307) |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(4.751) |
|
|
NETWORTH |
76.785 |
76.132 |
78.688 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5.233 |
1.063 |
10.230 |
|
|
2] Unsecured Loans |
2.052 |
0.719 |
25.105 |
|
|
TOTAL BORROWING |
7.285 |
1.782 |
35.335 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
84.070 |
77.914 |
114.023 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
42.545 |
43.086 |
50.985 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
4.083 |
4.083 |
4.083 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7.385
|
12.336 |
14.942 |
|
|
Sundry Debtors |
2.805
|
15.401 |
18.805 |
|
|
Cash & Bank Balances |
2.269
|
3.214 |
3.284 |
|
|
Other Current Assets |
26.874
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.863
|
16.874 |
40.003 |
|
Total
Current Assets |
43.196
|
47.825 |
77.034 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2.042
|
14.523 |
13.510 |
|
|
Other Current Liabilities |
3.712
|
4.387 |
0.000 |
|
|
Provisions |
0.000
|
0.400 |
6.799 |
|
Total
Current Liabilities |
5.754
|
19.310 |
20.309 |
|
|
Net Current Assets |
37.442
|
28.515 |
56.725 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
2.230 |
2.230 |
|
|
|
|
|
|
|
|
TOTAL |
84.070 |
77.914 |
114.023 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
64.463 |
69.732 |
103.977 |
|
|
|
Other Income |
0.852 |
0.183 |
25.377 |
|
|
|
TOTAL (A) |
65.315 |
69.915 |
129.354 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
51.914 |
57.588 |
89.899 |
|
|
|
Administrative Expenses |
7.853 |
7.992 |
110.617 |
|
|
|
Miscellanious Expenditure - Written Off |
2.230 |
0.000 |
0.780 |
|
|
|
Increase/(Decrease) in Stocks |
(1.933) |
0.188 |
9.258 |
|
|
|
Prior Period Adjustments(Net) |
(0.084) |
2.672 |
4.659 |
|
|
|
TOTAL (B) |
59.980 |
68.440 |
215.213 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.335 |
1.475 |
(85.859) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.464 |
0.956 |
15.430 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.871 |
0.519 |
(101.289) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.069 |
3.076 |
4.835 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.802 |
(2.557) |
(106.124) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.149 |
0.000 |
(0.141) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.653 |
(2.557) |
(106.265) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(75.128) |
(72.571) |
33.694 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
(74.475) |
(75.128) |
(72.571) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.08 |
0.000 |
NA |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.12.2011 Unaudited |
31.03.2012 Unaudited |
30.06.2012 Unaudited |
30.09.2012 Unaudited |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
35.970 |
28.920 |
28.840 |
28.790 |
|
Total Expenditure |
32.130 |
25.60 |
25.81 |
22.420 |
|
PBIDT (Excl OI) |
3.840 |
3.320 |
3.030 |
6.370 |
|
Other Income |
0.120 |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
3.960 |
3.320 |
3.030 |
6.370 |
|
Interest |
1.100 |
0.790 |
1.280 |
1.040 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
2.860 |
2.530 |
1.750 |
5.330 |
|
Depreciation |
1.400 |
1.400 |
1.480 |
1.140 |
|
Profit Before Tax |
1.460 |
1.130 |
0.280 |
4.190 |
|
Tax |
0.000 |
0.000 |
0.000 |
0.000 |
|
Provision and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
1.460 |
1.130 |
0.280 |
4.190 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
1.460 |
1.130 |
0.280 |
4.190 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.00
|
(3.66) |
(82.15) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.24
|
(3.67) |
(102.06) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.94
|
(2.81) |
(82.90) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Net worth) |
|
0.01
|
(0.03) |
(1.35) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Net worth) |
|
0.17
|
0.28 |
1.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.51
|
2.48 |
3.79 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of
Establishment |
Yes |
|
2] |
Locality of
the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's
background |
No |
|
8] |
No. of
employees |
No |
|
9] |
Name of
person contacted |
No |
|
10] |
Designation of
contact person |
No |
|
11] |
Turnover of
firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons for
variation <> 20% |
------ |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
No |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export /
Import details (if applicable) |
No |
|
21] |
Market
information |
------ |
|
22] |
Litigations that
the firm / promoter involved in |
------ |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct of
the banking account |
------ |
|
26] |
Buyer visit
details |
------ |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
No |
|
30] |
Major
Shareholders, if available |
No |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
UN-AUDITED FINANCIAL
RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER. 2012
(Rs. in Millions)
|
Sr. No. |
Particulars |
3 Months ended |
Preceding 3
months ended |
Corresponding 3
months ended in previous year |
6 Months ended |
Preceding 6 months
ended |
Previous year
ended |
|
|
|
30.09.2012 |
30.06.2012 |
30.09.2011 |
30.09.2012 |
30.09.2011 |
31.03.2012 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Audited |
|
1 |
Income From
Operations |
|
|
|
|
|
|
|
|
a) Net Sales /
Income from operations (Net of Excise Duty) |
35.969 |
34.631 |
17.639 |
70.600 |
35.804 |
101.796 |
|
|
b) Other
Operating Income |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
Total Income
from Operations (Net) |
|
|
|
|
|
|
|
2 |
Expenses: |
35.969 |
34.631 |
17.639 |
70.600 |
35.804 |
101.796 |
|
|
a) Cost of
materials consumed |
20.578 |
19.468 |
12.192 |
40.046 |
22.173 |
54.413 |
|
|
b) Purchases of Traded Goods |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
c) Changes in
inventories of finished goods, work in progress |
(0.018) |
1.949 |
(2.272) |
1.931 |
(2.957) |
(2.821) |
|
|
d) Employee
benefits expense |
3.526 |
3.011 |
1.693 |
6.537 |
3.433 |
4.409 |
|
|
e) Depreciation and
amortisation expense |
1.400 |
1.400 |
1.135 |
2.800 |
2.035 |
5.681 |
|
|
h) Other Expenses |
8.037 |
7.081 |
4.029 |
15.118 |
8.905 |
32.725 |
|
|
Total Expenses |
33.523 |
32.909 |
16.677 |
66.432 |
33.589 |
94.407 |
|
3 |
Profit / (Loss) from Operations before
other income |
2.446 |
1.722 |
0.962 |
4.168 |
2.215 |
7.389 |
|
4 |
Other Income |
0.115 |
0.197 |
0.046 |
0.312 |
0.072 |
0.077 |
|
5 |
Profit / (-Loss)
from Ordinary Activities before Finance Cost |
2.561 |
1.919 |
1.008 |
4.480 |
2.287 |
7.466 |
|
6 |
Finance costs |
1.101 |
0.791 |
0.753 |
1.892 |
1.124 |
3.935 |
|
7 |
Profit / (-Loss)
from Ordinary Activities after finance costs |
1.460 |
1.128 |
0.255 |
2.588 |
1.163 |
3.531 |
|
8 |
Exceptional Items - Expenditure / (Income) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.213 |
|
9 |
Profit (+)/ Loss
(-) from Ordinary Activities before Tax (7+8) |
1.460 |
1.128 |
0.255 |
2.588 |
1.163 |
3.318 |
|
10 |
Tax expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0000 |
(0.222) |
|
11 |
Net Profit (+)/
Loss(-) from Ordinary Activities after Tax (9±10) |
1.460 |
1.128 |
0.255 |
2.588 |
1.163 |
3.540 |
|
12 |
Extra Ordinary
Items (net of Tax Expenses Rs. Nil) |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit (+) /
Loss (-) for the period (11±12) |
1.460 |
1.128 |
0.255 |
2.588 |
1.163 |
3.540 |
|
14 |
Share of profit ( (loss) of associates |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
15 |
Minority interest |
0.000 |
0.000 |
0.000 |
0 000 |
0.00 |
0.000 |
|
16 |
Net Profit / (Loss) after taxes, minority interest and Shares |
1.460 |
1.128 |
0.255 |
2.588 |
1.163 |
3.540 |
|
17 |
Paid-up equity share capital |
79.414 |
79.414 |
79.414 |
79.414 |
79.414 |
79.414 |
|
18 |
Reserve excluding Revaluation Reserves as
per balance sheet |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
19 (i) |
Earnings per share (before extraordinary items) |
|
|
|
|
|
|
|
|
(a) Basic |
0.18 |
0.14 |
0.03 |
0.33 |
0.15 |
0.45 |
|
|
(b) Diluted |
0.18 |
0.14 |
0.03 |
0.33 |
0.15 |
0.45 |
|
|
|
|
|
|
|
|
|
|
19 (ii) |
Earnings per share (after extraordinary items) |
|
|
|
|
|
|
|
|
(a) Basic |
0.18 |
0.14 |
0.03 |
0.33 |
0.15 |
0.45 |
|
|
(b) Diluted |
0.18 |
0.14 |
0.03 |
0.33 |
0.15 |
0.45 |
SHARE HOLDING FOR
THE QUARTER & HALF YEAR ENDED 30TH SEPTEMBER, 2012
|
Sr. No. |
Particulars |
3 Months ended |
Preceding 3
months ended |
Corresponding 3
months ended in previous year |
6 Months ended |
Preceding 6
months ended |
Previous year
ended |
|
|
|
30.09.2012 |
30.06.2012 |
30.09.2011 |
30.09.2012 |
30.09.2011 |
31.03.2012 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Audited |
|
|
-Number of shares |
5645883.00 |
5645883.00 |
5645983.00 |
5645883.00 |
5645983 |
5645583 |
|
|
-Percentage of shareholding |
71.09% |
71.09% |
71.10% |
71.09% |
71.10% |
71.09% |
PROVISIONAL
STATEMENT OF ASSETS AND LIABILITES AS AT 30.09.2012
(Rs. in Millions)
|
Particulars |
2012-2013
(01.04.2012-30.09.2012) |
2011-2012
(01.04.2011-30.09.2011)) |
2011-2012
(Audited) |
|
|
|
|
|
|
I. Equity & Liabilities |
|
|
|
|
i. Shareholders Fund |
|
|
|
|
a) Share capita |
79.414 |
79.414 |
79.414 |
|
b) Reserves and surplus |
(0.525) |
(4.669) |
(3.114) |
|
2. Non-current Liabilities |
|
|
|
|
a) Long term borrowings |
18.854 |
17.216 |
19.941 |
|
3. Current Liabilities |
|
|
|
|
a) Short
term borrowings |
25.219 |
13.499 |
22.837 |
|
b) Trade payables |
4.866 |
1.656 |
2.314 |
|
c) Other current liabilities |
3.135 |
2.969 |
2.948 |
|
d) Short term provisions |
0.149 |
0.000 |
0.149 |
|
Total |
131.112 |
110.086 |
124.490 |
|
|
|
|
|
|
II. Assets |
|
|
|
|
1. Non current assets |
|
|
|
|
a) Fixed
assets |
|
|
|
|
(i) Tangible assets |
67.684 |
60.098 |
64.568 |
|
(ii)Intangible assets |
1.050 |
1.050 |
1.050 |
|
(iii) Capital work in progress |
0.000 |
0.000 |
0.403 |
|
b) Deferred tax asset (Net) |
4.301 |
4.083 |
4.305 |
|
c) Long term loans & advances |
26.525 |
26.874 |
26.525 |
|
d) Other non-current assets |
3.319 |
1.270 |
1.296 |
|
2. Current assets |
|
|
|
|
a) Inventory |
8.933 |
6.846 |
10.864 |
|
b) Trade receivables |
10.358 |
2.094 |
7.026 |
|
c) Cash & cash equivalents |
1.439 |
1.805 |
0.332 |
|
d) Short term loans & advances |
7.293 |
5.024 |
7.915 |
|
e) Other current assets |
0.206 |
0.941 |
0.206 |
|
Total |
131.112 |
110.086 |
124.490 |
PROVISIONAL PROFIT AND
LOSS ACCOUNT FOR THE PERIOD ENDED 30TH SEPTEMBER, 2012
(Rs. in Millions)
|
Particulars |
2012-2013
(01.04.2012-30.09.2012) |
2011-2012
(01.04.2011-30.09.2011)) |
2011-2012
(Audited) |
|
I. Revenue from operations ( Excl. Duty ) |
70.601 |
31.047 |
101.796 |
|
II. Other Income |
0.312 |
0.069 |
0.076 |
|
III. Total Revenue |
70.913 |
31.115 |
101.873 |
|
|
|
|
|
|
IV. Expenses |
|
|
|
|
Raw material consumed * |
40.046 |
22.173 |
54.413 |
|
Changes in inventory |
1.931 |
(8.542) |
(2.821) |
|
Manufacturing expenses |
7.133 |
4.636 |
17.054 |
|
1Employee benefit
expenses |
6.537 |
2.096 |
4.408 |
|
Finance cost |
1.892 |
1.124 |
3.935 |
|
Depreciation |
2.800 |
2.035 |
5.681 |
|
Other expenses ( Incl VAT ) |
7.985 |
5.606 |
15.670 |
|
V. Total Expenses |
68.324 |
29.129 |
98.341 |
|
|
|
|
|
|
Profit before E.ls |
2.588 |
1.986 |
3.532 |
|
Prior period adjustment (Net) |
0.000 |
0.000 |
(0.214) |
|
Deferred Tax |
0.000 |
0.000 |
0.222 |
|
Profit for the period |
2.588 |
1.986 |
3.540 |
FINANCIAL HIGHLIGHTS
Even though there
has been good growth in plastic division the overall turnover of the Company was
satisfactory, recorded a nominal net profit. The Directors are hopeful of good
performance and profitability in future years.
The company has
availed Rs.12.500 Millions working Capital limits and Rs. 21.500 Millions term
loan from UCO Bank by extending Land and Building and Machinery as collateral
security towards expansion of the activities. The company has already acquired
two injection molding machines of 450 MT and 550 MT in the months of June, 2011
and August, 2011 respectively and put into use forthwith.
MANAGEMENT DISCUSSION and ANALYSIS
INDUSTRY
SCENARIO
The
potential Indian market has motivated Indian entrepreneurs to acquire technical
expertise, achieve high quality standards and build capacities in various
facets of the booming plastic industry. Phenomenal developments in the plastic
machinery sector coupled with matching developments in the petrochemical
sector, both of which support the plastic processing sector, have facilitated
the plastic processors to build capacities to service both the domestic market
and the markets in the overseas.
The
plastic processing sector comprises of over 30,000 units involved in producing
a variety of items through injection molding, blow molding, extrusion and
calendaring. The capacities built in most segments of this industry coupled
with inherent capabilities has made us capable of servicing the overseas
markets. The economic reforms launched in India since 1991, have added further
fillip to the Indian plastic industry. Joint ventures, foreign investments,
easier access to technology from developed countries etc have opened up new
vistas to further facilitate the growth of this industry.
BUSINESS OUTLOOK
The immense
potential of Indian plastic industry has motivated Indian manufacturers to acquire
technical expertise, achieve superior quality standards and build capacities in
different facets of the booming plastic industry. Substantial developments in
the plastic machinery sector coupled with matching developments in the
petrochemical sector, both of which support the plastic processing industry,
have facilitated the plastic processors to develop capacities to cater both the
domestic as well as overseas exports.
OVER VIEW OF
OPERATIONS
During the
Financial Year the company has achieved turnover of Rs 67.248 Millions as
against Rs 69.728 Millions for the previous year and incurred nominal profit of
Rs. 0.653 Millions Compared to net loss of Rs.2.557 Millions in the last year.
OUT LOOK AND
STRATEGY FOR THE CURRENT YEAR
The company during
the year, transferred Rs.26.874 Millions represent net of current assets and
liabilities relating to erstwhile Cable and Project Divisions whose operations
were ceased since year 2009- 10 to Inno Projects (P) Limited, an associate
company.
FUTURE OUTLOOK
The Indian plastic
industry clearly has the potential to continue its fast growth. However, over
the next few years, competition in the industry is expected to increase
considerably, as a result of global trends, which will become applicable to the
liberalizing economy of country. To survive the competition, both polymer
manufacturers and processors will need to adopt radically new methods and
approaches to reduce costs, improve market and customer service and management
of performance.
FIXED ASSETS:
·
Good Will
·
Land
·
Building - Factory
·
Plant and Machinery
·
Electrical Equpment
·
Furniture & Fixtures
·
Office Equpment
·
Lease Hold Improvements
·
Computers
·
Shorhand Machines
·
Vehicles
·
R and D
·
Misc. Fixed Assets
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration:
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration:
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws:
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards:
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government:
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package:
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report:
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.52 |
|
|
1 |
Rs.87.79 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.